Finland-headed oil refiner and renewable products major Neste Oyj has announced that it has agreed to acquire 100 percent of Agri Trading Corporation, one of the largest independent renewable waste and residue fat and oil traders in the United States, and its affiliate entities.“This agreement supports our renewables growth strategy and further strengthens our global renewable raw material sourcing as well as our footprint in the United States," says Neste’s President and CEO Peter Vanacker.
Finland-headed oil refiner and renewable products producer Neste Oyj has announced that it has agreed to acquire 100 percent of Agri Trading Corporation, one of the largest independent renewable waste and residue fat and oil traders in the United States, and its affiliate entities. The transaction is subject to the completion of customary closing conditions and regulatory approval.
Founded in 1977, Minnesota (MN) based Agri Trading has become an industry leader in trading animal fat waste, used cooking oil (UCO), technical corn oil, and other vegetable oils throughout the lower 48 States, Canada, Mexico, and Europe. The company manages all aspects of transportation, logistics, transloading, and export services, providing on-time pick-up and delivery.
This agreement supports our renewables growth strategy and further strengthens our global renewable raw material sourcing as well as our footprint in the United States. Agri Trading complements our previous acquisition of Mahoney Environmental in the United States with its wide trading network of renewable raw materials compounded with efficient logistics. I am happy to welcome Agri Trading to be part of Neste’s journey in creating a healthier planet for our children, said Neste’s President and CEO Peter Vanacker.
Neste refines waste, residues, and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. This is possible thanks to its proprietary NEXBTL technology – a unique platform that allows the company to turn a wide variety of renewable waste and residues and oils into premium fuels and other products.
Combating climate change is an urgent priority for the United States, and renewable products are a much-needed part of the solution because they enable climate action now. With this transaction, I am proud to say that Neste is collecting and turning even more locally sourced feedstock into renewable products to power America’s transport system, keeping new greenhouse emissions out of the atmosphere and cutting pollution, said Jeremy Baines, President, Neste US, Inc.
The transaction, which is subject to the completion of customary closing conditions and regulatory approval, supports Neste in its efforts to build a solid, resilient, and flexible global waste and residue raw material platform that can keep pace with the customer’s growing demand for renewable products.
Together with previously announced acquisitions of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental in the United States, Agri Trading will also enhance Neste’s competitiveness in the global waste and residue raw material market.
